What are savings banks primarily known for?

Savings banks are primarily known for accepting savings deposits and making mortgage and other loans. This focus distinguishes them from other financial institutions, as they primarily cater to individuals who are looking to save money while also providing access to various types of loans, especially mortgages.

These banks traditionally have a community-oriented approach, encouraging saving habits among customers and using those deposits to fund loans for home purchases and other significant expenses. By providing mortgages, savings banks play a crucial role in helping individuals achieve home ownership, while still ensuring that they offer competitive interest rates on savings accounts to attract deposits. This dual function is central to their operations and sets them apart within the banking sector.